Connect with us

Top News

Chinese firm Gionee officially files for bankruptcy: Report

Published

on

New Delhi, Dec 20 (IANS) In yet another Chinese smartphone company going bust, a second-tier Chinese smartphone maker Gionee, which owes 20.2 billion Chinese Yuan (nearly $3 billion) to 648 creditors, has officially filed for bankruptcy.

According to media reports on Thursday, a court in Shenzhen has accepted the Gionee application for liquidation bankruptcy.

A report in The South China Morning Post last month said that the founder of Shenzhen-based Gionee admitted he may have used company assets to gamble at a Hong Kong-listed casino in Saipan.

In an interview with Securities Times, Liu Lirong, Gionee’s Chairman and Chief Executive, “admitted that Gionee’s total debts amount to 17 billion yuan, with 10 billion yuan of this owed to banks, 5 billion yuan to upstream suppliers and about 2 billion to advertising agencies”.

When asked how much he lost gambling, Liu said, “a bit more than 1 billion yuan”, which may actually be to the tune of 10 billion yuan ($1.44 billion).

Gionee, which ranked behind Apple in the sixth place for handset sales in China last year, began facing difficulties when suppliers halted component sales after failing to receive payments for several months.

“For comparison, Liu claims that the company was losing around 100 million Yuan ($14.4 million) a month between 2013 and 2015. The losses per month doubled in the last two years,” gsmarena.com reported on Thursday.

Founded in 2002, Gionee was once a mainstream brand in China and India, selling nearly 40 million handsets in 2016.

Gionee, which established its presence in India in 2012, claimed in February this year to have retail presence in over 42,000 stores and has 600 exclusive service centres in the country. It also claimed a customer base of 1.25 crore in the country.

In India, after running domestic operations for almost five years, Gionee India’s CEO and Managing Director Arvind Vohra stepped down in August 2017. David Chang, Global Sales Director for Gionee, then started leading the India operations.

In the first quarter of 2018, Gionee shipped an all-time low of 150,000 units with shipments down 90 per cent year on year, according to Counterpoint Research.

Ending a brief hiatus amid restructuring plans in India, Chinese smartphone maker Gionee in April launched two smartphones.

There has been no buzz from Gionee in India since then.

Gionee is the second company after Chinese conglomerate LeEco that shut operations in India last year after financial crisis hit it hard.

–IANS
na/bg

Continue Reading

Top News

Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

Published

on

By

World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

Continue Reading

Trending